How to Save Money on Your Next Vacation

It has been reported that baby boomers spend an average of $6,600 on travel per year, while generation Xers will spend approximately $5,400 and millennials will pay $4,400. Regardless of what category you fall into, you might be happy to learn that you can slash the cost of a getaway with a little know-how. Continue reading to find out how you can save money on your next vacation. 

Baby boomers reportedly spend $6,600 on travel each year

Pick a Destination with a Good Exchange Rate 

If you have your heart set on a vacation overseas, you would be smart to look for a destination that provides a favorable exchange rate. For instance, if you are based in the US, you should find a local currency that will be weak in comparison to the US dollar, which will allow your money to go further in your chosen country. For example, the dollar will more than likely be stronger if a vacation destination is currently experiencing economic or political instability.  Unfortunately, with the uncertainty of how the coronavirus is going to impact economics, it may be best to put off travel to other countries until late in the year.

Enter a Competition 

If you want to save a substantial sum on your next getaway abroad, you could always enter a competition to win a free trip to an unforgettable destination. Many online brands and TV shows often provide customers with opportunities to enter competitions to secure free vacations. For instance, if you’ve always wanted to experience the bright lights of Las Vegas for yourself, you could win a free trip to Sin City by entering a daily freeroll. Keep your eyes peeled for competitions online and on your TV, as you could potentially be crowned a lucky winner. 

Set-up Price Alerts for Flights and Hotels 

Do you want to find affordable vacation deals year after year? All you must do is set up price alerts for flights and hotels. However, to avoid being inundated with many emails in your inbox each day, set a low alert threshold. It will allow you to take advantage of the best deals for an upcoming vacation so that you don’t spend a penny more than necessary. 

Hotels and airlines can pay up to 15% commission to online booking sites

Negotiate a Better Rate with a Hotel 

Most hotel and airlines would prefer for their customers to book directly through them, as they can often pay as high as a 15% commission to online booking websites and comparison services. If you’re not afraid to haggle, you should call up a hotel or airline and attempt to negotiate a better rate for a flight or a hotel room. The money saved could be spent on attraction tickets, food or travel souvenirs. 

Use a Cashback Website 

Many online booking websites often partner with various cashback websites, such as ebates and TopCashback, which encourage customers to buy from their site while saving themselves money. For example, you could receive up to 15% cashback from a hotel or website after you make a booking, which could cover the cost of your travel insurance, vacation clothing or a cocktail or two at a hotel bar. Download the browser plugin and ensure it is turned on when booking accommodation or a flight. You also must ensure that you haven’t set your browser to incognito mode to secure the deal, as it only works by tracking your online activity. 

Travel Midweek 

If you aren’t restricted to specific dates for a vacation, you should book a getaway for the middle of the week. For example, airline prices are likely to rise come Thursday and Friday, but you could secure more affordable flights if you can travel on either a Tuesday or Wednesday. If in doubt, browse the calendar for different dates to find out how prices compare. You could potentially save hundreds of dollars on your break abroad. However, you should avoid traveling on local holidays at home or overseas. For example, you could pay significantly more for a flight or accommodation if you travel to Mexico during Semana Santa in April. 

So, if you want to slash the cost of an upcoming getaway, you would be wise to consider the above tactics when booking hotels and flights. 

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